First defined as the Champions Bowl, the newly-formed game pitting winners of the SEC and the Big 12, will now be hosted by the Sugar Bowl in New Orleans, bowl officials announced Tuesday.

The agreement between the leagues and the bowl is for 12 years, and ESPN will hold the TV rights.

The Sugar Bowl won the bidding rights for the game that will first be played following the 2014 regular season. The first game will be Jan. 1, 2015 at the Superdome.

The agreement with the Sugar Bowl is for 12 years. Several sites were vying to host the game, including Cowboys Stadium in Arlington, Texas. Atlanta, Houston and San Antonio also submitted bids to host the game, but it came down to Arlington and New Orleans.

"New Orleans and the Sugar Bowl are synonymous with post-season college football. For many years, fans have enjoyed the color and pageantry that New Orleans offers," SEC Commissioner Mike Slive said in a statement. "We look forward to competing against the Big 12 as a new championship tradition begins on New Year's Day."

The SEC has a long history with the Sugar Bowl. Seventy-one times an SEC team has played in the game, far more than any other league. The very first Sugar Bowl in 1935 matched Tulane, then of the SEC, against Temple.

"We're pleased to have been selected to host this great game," Sugar Bowl Chief Executive Officer Paul Hoolahan said. "This gives us the chance to extend the Sugar Bowl's long-standing relationship with the Southeastern Conference and to develop a new relationship with the Big 12 Conference."

The game will also be a part of the national championship semifinal rotation. On the years that occurs, the Sugar Bowl would not host the SEC-Big 12 championship that season.

The Rose Bowl (in Pasadena, Calif.) and Orange Bowl (in Miami) have already been announced as part of the semifinal rotation among the bowls. Sources told ESPN.com that the other three bowls expected to be in the semifinal rotation include the Fiesta Bowl (Glendale, Ariz.), the Chick-fil-A Bowl (Atlanta) and the Cotton Bowl (Arlington, Texas). Each of the six bowls would be expected to host four semifinals during a 12-year period, according to ESPN.com.

Of course, if one of the champions of those respective leagues are playing in the national championship semifinals, another league team would be tapped to play.

“From the moment this game was announced, there has been tremendous excitement associated with the collaboration between these two conferences,” said Big 12 commissioner Bob Bowlsby. “That excitement is reflected in the bids received to hose this game. There were great cities, attractive destinations, and impressive venues to consider.

“Now Big 12 fans can look forward to a New Year’s tradition and coming to New Orleans to support their team. We are thrilled about our long-term association with our SEC colleagues and to be in partnership with the Allstate Sugar Bowl.”

There is also a plan being considered to add a seventh game to the rotation that would match either a Pac-12 or Big 12 team against the best team from the five other FBS conferences, including the Big East.

"Both a seven-game and a six-game model are still in play," Bowlsby said.